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Revenue Cycle Management Software

What Is Revenue Cycle Management Software?

Revenue cycle management software are designed to assist healthcare providers in managing their revenue cycle effectively. One of the key features of these systems is to automate a wide range of tasks that are often performed by human staff.

Automating key parts of the medical billing process like claim submission, remit posting, denial management and reporting speeds up the process of being paid for rendered services. This significantly improves efficiency by eliminating any manual data entry. However, not all revenue cycle management platforms are made equal. The best software needs to have a set of features that meets all essential requirements of healthcare organizations to set it apart from its competition.

 

Perhaps the most vital of these RCM features is the ability to automate and streamline the workflow of claims, processing of payments, keeping track of rejections or denials and being able to improve efficiency for billing and finance departments throughout the whole lifecycle of a claim.

Pre-billing eligibility checks, claims scrubbing, integrating with the EMR (Electronic Medical Records) or EVV systems you have in place, generating 837s, and automatic positing of 835s with the simple click of a button are all critical features that the right revenue cycle management software provides. Having the capacity to automate these tasks can significantly reduce the need for manual intervention which is especially important in an industry that is plagued by staffing shortages.

When a medical practice can automate repetitive activities, they will have more time to focus on their main goal, which is to provide patients with quality care. Healthcare staff does not want to be bogged down with an inefficient medical billing process that cuts hours out of their normal day-to-day responsibilities.

Another important aspect that the ideal revenue cycle management system has is its ability to adapt to changing reimbursement and medical billing requirements. Given how regulations in healthcare are constantly evolving, it is crucial for healthcare providers to make sure that their chosen platform can accommodate these changes seamlessly.

Which revenue cycle management software medical practices choose is a major decision and selecting a product that has all the features and functionality a billing or finance team needs is crucial. An agency needs to select a RCM system that is flexible and able to meet their unique requirements, while fitting into their workflow.

That is why health care providers need to really do their due diligence and select a revenue cycle management solution that fits their every need.

A Revenue Cycle Management Software for you and your patients 

Features To Expect from Revenue Cycle Management Software

There are many advantages that a good revenue cycle management system can provide to healthcare organizations. The most important of these capabilities include billing automation and tracking of a claim throughout its entire lifecycle, from submission to payment posting, to exporting subledger information. Additionally, good revenue cycle management software also allows for more transparent communication between different departments. For instance, in Millin, our issue tracker immediately catches patient demographic or service data inconsistencies which can be communicated back to clinicians to correct.

Here are the most essential features you should look for when deciding on the right practice management solution for your agency:

  • Integration with existing electronic health records that allow the automatic importing of patient records into the billing system, helping providers save time while minimizing errors
  • Automatically flag claims in case of billing issues, so they can be edited prior to...
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Here are the most essential features you should look for when deciding on the right practice management solution for your agency:

  • Integration with existing electronic health records that allow the automatic importing of patient records into the billing system, helping providers save time while minimizing errors
  • Automatically flag claims in case of billing issues, so they can be edited prior to submission, leading to a decrease in denials and an increased percentage of claims paid
  • Automatically checks insurance eligibility to quickly confirm allowed services for insured patients without the need to check coverage manually
  • Intuitive dashboards that provide immediate access to essential billing data, so healthcare providers can make business decisions effectively
  • Enhanced management of eligibility that ensures only patients who are allowed will receive the necessary services
  • Improved workflow for all claims that allows for claims to be processed efficiently and accurately while reducing denials
  • Comprehensive reporting system that allows for fully detailed, filterable reports on any claim, service, individual, or location information that resides in the system
  • Correctly identifying wrong codes automatically to allow medical practices to make changes to claims before submission or resubmission
  • Automatically applying correct codes and modifiers to all services that require one to ensure the provider is reimbursed at the correct rate for all services
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womanOffice
womanOffice

Here are the most essential features you should look for when deciding on the right practice management solution for your agency:

  • Integration with existing electronic health records that allow the automatic importing of patient records into the billing system, helping providers save time while minimizing errors
  • Automatically flag claims in case of billing issues, so they can be edited prior to...
Read More

Here are the most essential features you should look for when deciding on the right practice management solution for your agency:

  • Integration with existing electronic health records that allow the automatic importing of patient records into the billing system, helping providers save time while minimizing errors
  • Automatically flag claims in case of billing issues, so they can be edited prior to submission, leading to a decrease in denials and an increased percentage of claims paid
  • Automatically checks insurance eligibility to quickly confirm allowed services for insured patients without the need to check coverage manually
  • Intuitive dashboards that provide immediate access to essential billing data, so healthcare providers can make business decisions effectively
  • Enhanced management of eligibility that ensures only patients who are allowed will receive the necessary services
  • Improved workflow for all claims that allows for claims to be processed efficiently and accurately while reducing denials
  • Comprehensive reporting system that allows for fully detailed, filterable reports on any claim, service, individual, or location information that resides in the system
  • Correctly identifying wrong codes automatically to allow medical practices to make changes to claims before submission or resubmission
  • Automatically applying correct codes and modifiers to all services that require one to ensure the provider is reimbursed at the correct rate for all services
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Benefits of Leveraging the Right Revenue Cycle Management Software

The following are the most noteworthy benefits providers can get with the right revenue cycle management system:

 

Improvement in Getting Claims Paid

A robust revenue cycle management platform prioritizes completing all frontend tasks accurately to make sure that claims get paid the first time. Such medical billing activities include the collection of correct patient details, insurance verification, and applying the appropriate codes and modifiers to ensure you’re paid in full.

When claims are accepted immediately, healthcare providers can significantly reduce the time spent on the billing process. You no longer need to spend time correcting issues that will cause a claim to reject in the first place. Because the claim goes out correctly the first time you can limit denials and subsequently the time spent on the phone managing those denials. Ensuring all the information on every claim is accurate through an eligibility check or pre-billing scrubbing feature, is absolutely crucial for any revenue cycle.

Increased Overall Collections and Revenue

Healthcare facilities, especially those designated as non-for-profits, need to make sure that every dollar is accounted for. Leaving money on the table due to incorrectly submitted or underpaid claims is simply not an option. Your RCM system needs to adhere to these high standards, leaving no room for error in your revenue cycle workflow.

When a claim is denied, underpaid, or sent out incorrectly, the provider will not receive the payment that is due to them. This makes it exceptionally difficult to handle ongoing costs in the facility. Decision makers need to evaluate the full ROI for each of the different systems they’re considering and select the vendor or software that prioritizes getting correctly reimbursed for every service and claim. This will maximize revenue and increase cashflow.

With the right medical billing service, facilities can reduce claim denials by uncovering the patterns that lead to them. Having the ability to recognize these issues and resolve them before they take place can allow providers to avoid claim denials as much as possible.

This ensures that the healthcare facility receives their reimbursements in a timely manner, so they can manage their expenses better.

More Focused on Providing Quality Care

A medical practice that can apply revenue cycle management effectively can significantly reduce the time and money they spend correcting mistakes and trying to appeal claims. This lets them spend more time focusing on the quality of service that they provide to their patients.

When they receive quality care consistently, patients will be more satisfied with the services provided and likely to value their healthcare providers. Clinics and medical practices that grow consistently year over year are able to do so because they are prioritizing services, rather than chasing money for denied claims that should have been avoided if proper RCM tactics were employed the first time around.

Healthcare facilities expertise lies in the hands of those providing services. Let the revenue cycle management experts handle your healthcare revenue cycle.

Enhanced Patient Experience

Because a good RCM software offers fully transparent glimpses into demographic and payer-level information and issues, staff at a given provider can effectively communicate with those receiving services and alert them accordingly when there is an issue. A good practice management solution should be able to track unit utilization which will dictate the types of a services an individual is eligible for and when they can receive those services.

Knowing if and when an individual is eligible or ineligible for a given service can allow a patient to get the most of his or her time spent at the provider and work with staff on a treatment plan that reflects the best use of time for a visit to the facility.

Reduced Burden for Admin Staff

Finally, healthcare office staff will experience reduced burdens when managing administrative tasks with the use of quality revenue cycle management software. This is possible because these systems streamline repetitive administration activities, so employees can operate more efficiently.

The right platform also ensures all admin tasks are performed accurately to minimize denials. With a higher probability of claims being processed in a short period, staff members do not need to spend a significant amount of time analyzing and appealing denials.

Most good RCM systems can take the workload and time of 4-5 team members and cut it to about a third. By automating certain parts of the workflow, a good revenue cycle management software can save administrative departments hours and hours of work each week. There’s also less of a probability of staff needing to get involved in an area that isn’t their day-to-day core competency. They can stay focused on what’s important for them.

Why Choose Our Revenue Cycle Management Software

MillinPro is a leading revenue cycle management software designed by healthcare revenue cycle experts in the field. It offers a complete solution to provide agencies with the financial insight they need to succeed.
 
Our cloud based platform combines in-depth expertise as well as complex technology designed to maximize healthcare provider revenue. Furthermore, we have a team of dedicated industry specialists that will work with your facility to create a flourishing partnership.
 
MillinPro started out as a cloud-based system that we used internally to apply the best practices in medical billing workflows. Due to the rising demand for quality practice management solutions, we have decided to license our system to health and human service agencies looking for a robust platform.
 
We leverage a comprehensive rule-based engine that is constantly being updated according to changes in state and payer rules and regulations. This ensures that healthcare facilities can maximize their revenue while making sure that they stay compliant.
whyMillin-1

When you choose MillinPro, you can benefit from the following:

  • Millin incorporates many of the rules into its rules engine thus removing human error
  • Pre-billing scrubbing features
  • Proprietary issue tracker to easily document and track claims issues
  • With the Clearinghouse and eMedNY (electronic New York State Medicaid system) web-services integration, you no longer need to leave the system to...
Read More

When you choose MillinPro, you can benefit from the following:

  • Millin incorporates many of the rules into its rules engine thus removing human error
  • Pre-billing scrubbing features
  • Proprietary issue tracker to easily document and track claims issues
  • With the Clearinghouse and eMedNY (electronic New York State Medicaid system) web-services integration, you no longer need to leave the system to submit claims or download remittances
  • Customizable dashboard
  • Incorporated APG calculator for services that require one (all non-APG payers are submitted at the contracted rate)
  • Batch Insurance Eligibility verification.
  • Comprehensive reporting system.
  • Secure HIPAA (Health Insurance Portability and Accountability) compliant web-based system back-ups on the West-Coast.
  • Ability to integrate with EMR (Electronic Medical Records) systems via HL7, API, or data upload.
  • Ability to integrate with your accounting system.
Read Less
whyMillin-1

When you choose MillinPro, you can benefit from the following:

  • Millin incorporates many of the rules into its rules engine thus removing human error
  • Pre-billing scrubbing features
  • Proprietary issue tracker to easily document and track claims issues
  • With the Clearinghouse and eMedNY (electronic New York State Medicaid system) web-services integration, you no longer need to leave the system to...
Read More

When you choose MillinPro, you can benefit from the following:

  • Millin incorporates many of the rules into its rules engine thus removing human error
  • Pre-billing scrubbing features
  • Proprietary issue tracker to easily document and track claims issues
  • With the Clearinghouse and eMedNY (electronic New York State Medicaid system) web-services integration, you no longer need to leave the system to submit claims or download remittances
  • Customizable dashboard
  • Incorporated APG calculator for services that require one (all non-APG payers are submitted at the contracted rate)
  • Batch Insurance Eligibility verification.
  • Comprehensive reporting system.
  • Secure HIPAA (Health Insurance Portability and Accountability) compliant web-based system back-ups on the West-Coast.
  • Ability to integrate with EMR (Electronic Medical Records) systems via HL7, API, or data upload.
  • Ability to integrate with your accounting system.
Read Less

Bottom line

With more than 40 years of experience in health and human services billing, we can guide you in improving your efficiencies while minimizing claim denials as much as possible. Let us help you make a difference to your bottom line by allowing you to automate revenue cycle management tasks while you focus on essential services to your patients.  

Contact our team to schedule a demo today.

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With over 40 years of Health & Human Services billing experience and expertise, we can help increase efficiencies and reduce or even eliminate denials. Experience Revenue Cycle Management Software & Services from the Company You Trust. 

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